If South Dakota had “the strongest economy in the nation,” we’d be making more money than the national average, right?
According to the Bureau of Finance and Management’s Annual Comprehensive Financial Report for Fiscal Year 2021, we’re not.
In 2020, personal income in South Dakota averaged out to $59,281 for every resident, working or not. That’s just 0.38% below the national average of $59,510, so we’re not that bad off. Keep corn prices up, and we might even get back above the national average, the way we were during the harvest boom years of 2011–2013.
Our per-capita personal income grew at a faster rate than the national average in 2020 (though most of that advantage may have come from the extravagant amounts of federal covid relief that we raked in as an apparent reward for not working that hard to fight covid). But if we take the long view (and economically, we generally should), over the past decade, per-capita personal income grew 50.42% in South Dakota and 51.49% nationwide.
So in terms of money in pockets, South Dakota’s economy is producing weaker results than the national economy.